Is 2024 the year when you
Hang your own shingle?
Not a stranger to running my own business I have a few thoughts to help you weigh the pros and cons of starting your own business.
My experience is in running a manpower heavy service based business (pet-sitting) and a one person consulting style business (coaching pet-sitting businesses, providing hand analysis and life coaching), and now freelance writing in the career space, one-to-one career coaching and podcasting.
Before you stop reading and think to yourself, “but I’m going to open a fusion restaurant-bookstore-build your own toy shop” keep reading. The things to work through before quitting your job are likely the same as starting a service-based business.
Oh. And I’m not going to pitch a class at the end of this post. I’m not a marketer-on-line-guru. I will however give you a link to set up a call to talk about your ideas and fears and thoughts for my regular fee.
Ahem.
Before quitting your job (soul-sucking as it may be) to start your own business answer the following questions:
Do I have enough money to live comfortably for 6-9 months with no additional income? Sure, you’re thinking now that you can live on ramen, quit the gym and walk every day and resist buying the fancy cheese at the store. How long can you do that before you RESENT not having a steady income? When resentment creeps in you find yourself making less than stellar choices in your business just to make a buck. Instead, if you can comfortably live off your savings, plan to do it. 6-9 months should be enough time to see if you can make a viable business.
What support system do I have in place? Does your partner support this idea and are they on board with the dip in your income? Nothing like a resentful partner to make the weight of running a business heavier than it needs to be! (same goes for kids and any other close people in your life - those who will be affected by your longer hours and lower income, especially.)
What’s my niche? Seriously. Dog-walking is good - full care for giant breed dogs is better. As you determine your marketing plans you’ll want to target your client audience. That can include writing for local papers and magazines and neighborhood blogs (for a hyper-local service), as well as speaking at events, guesting on podcasts and more. The more specific you are, the more memorable you (and your business) will be. Don’t try to be everything to everyone. Be someone your ideal client wants to spend money on.
What’s my motivation? Is it enough to push you through the days that feel like a slog? If you want to master a skill, according to Malcolm Gladwell in Outliers, you’ll need 10,000 hours of concentrated practice. The same goes for running a successful business. While it may take more or less than 10K hours to hit your goals, the concentration and focus needed is imperative. Do you want to spend that time and effort to build a business? And Why?
What else would serve the same purpose? If you’re hesitating after thinking about investing 10,000 hours (just over 416 days if you’re curious) you’re human and wise enough to be realistic. What is the core purpose of quitting your job and starting a new business? To have more freedom? To semi-retire? To give your boss the bird? To prove to yourself you can still do new things? To contribute more to the greater good? All are worthy choices - and if running your own business isn’t the right fit, what else can you do to make those dreams real?
Who can I ask to help me? Whether it’s a formal relationship with a coach in your niche or an informal mastermind or networking group - find some people to support you as you move forward.
Obviously this isn’t an exhaustive list for starting a business. This list is meant to get you thinking about YOU and your role in your business.
As always, if you need help, I’m here. Through the end of the year I’m offering one-to-one sessions 30% off my 150.00 fee. And yes, subscribers you also get your discount on TOP of that. Click here to schedule.
Currently Reading and Watching
I just finished reading Annette Becklund’s “Ancestry Discoveries: What Happens Under the Sheets Doesn’t Stay There” This book is heartfelt and honest - one woman’s story of an ancestry surprise discovery after a decision to take a “fun” ancestry test. I rode the rollercoaster along with her and was deeply touched by her story. If you’re one of the millions of people who have had a DNA surprise (or will after ordering that DNA test for the holidays) read this book and keep it as a reference!
Currently reading Charmaine Wilkerson’s book, “Black Cake”. I know it’s also a Hulu miniseries. I generally prefer to read a book before watching the show, series or movie. I bought this book last winter and started it. I was overthinking it and put it down. Just picked it up again last week and I cannot stop reading. The story of Covey, B&B, Elly and more is deeply touching and sometimes uncomfortable. As with almost every story there’s an adoption component. I highly recommend it.
Amazing Race is a go-to in our house and this season is no different. I work nights so generally I’m a few days behind, but this season is turning out to have a number of favorites for me and I cannot wait to see where they go next.
We’re finally watching the final 2 seasons of A Million Little Things. I stopped watching in Season 3 because of life. And am happy to be back amongst my friends.
Coming Soon
Monthly updates at Adoptees at Work Podcast Substack. On our about the first of each month I’ll share what’s going on behind the scenes and what you can look forward to in upcoming episodes.
An online virtual party to celebrate when we get to 1000 listens at ZenCareer/Adoptees at Work Podcast. In November guests include/d:
Chang-hwan Boden - a DEI leader at HBR and a musician and a voice for Asian Adoptees
Akara Skye - a brilliant woman of courage and commitment;
Rebecca Berg - the funny, thoughtful and vibrant voice of NoStringsNutrition.com
Patricia Meyer - a loyal teammate, a strong leader and teacher of memoir for healing our trauma
Fed Nicora - You may know him for his bread, but he’s had a vibrant career in many roles as he’s worked to heal his adoption story (coming November 30)
Big Thanks for joining me this week - if you find this weekly note helpful, think about subscribing - consider it buying me a cup of coffee!